Data privacy has never been hotter as a topic, in part because the US CLOUD Act came into force, making organizations once again question how their data is managed and who has access to it. In response the Court of Justice of the European Union passed the July 2020 Schrems II judgment, which invalidates the EU-US Privacy Shield, meaning companies cannot transfer personal data to the US any longer. Solving this dilemma when most companies use US-based cloud services is challenging but necessary.
The statistics around data breaches and personal information misuse are alarming. In the United States alone, there is a new victim of identity theft every two seconds. As of June 2020, at least 16 billion records (including personally identifying information, credit card numbers, and sensitive information) were breached or leaked. The United States Federal Trade Commission (FTC) received more than 1.4 million complaints about identity theft in 2020 (up from 651,000 in 2019). More than 33 percent of Americans, according to a Proofpoint survey, claim to have experienced identity theft. IBM statistics indicate that the average cost of a data breach is almost four million USD.
During periods of fear and uncertainty, such as the COVID-19-dominated period we’re living in now, the risk for cyberattacks, such as DDoS attacks and costly data breaches increases exponentially. For some perspective, recent data shows (before coronavirus lockdowns and its unforeseen security risks hit):
Recent years have seen the creation and adoption of completely online university degree programs and free and low-cost e-learning programs, platforms and apps that help people do everything from building a marketing plan to learning a new language. Fueling this growth were investments of almost 19 billion USD in 2019 in the edtech industry, which was projected to increase to 350 billion USD by 2025.